MR Michael Whelan, who founded Aran Energy in 1972, has resigned as chairman and managing director of the company, following its takeover by Statoil.

The Norwegian oil company yesterday announced that Mr Finn Kulas, managing director of Statoil (UK), will succeed Mr Whelan as chairman. Mr Jacob Sannes, its general manager in Britain, will take over as managing director of Aran, it said.

While Mr Whelan was unavailable for comment yesterday, it is understood that he intends to remain active in the oil and gas exploration sector.

Five of Aran's non executive directors resigned from the board last December and have been replaced by four Statoil nominees.

The resignations follow its shareholders' acceptance of Statoil's £198 million bid for the company last November, which valued their shares at 76p each.

Under the deal, Mr Whelan receives £2.4 million for his 3.2 million shares. He also holds options on 7.9 million shares which can be exercised at between 20p and 461/2p.